Pantheon Resources (AIM:PANR) Operational update, Director/PDMR Notification, & Issue of Equity

Pantheon Resources plc (“Pantheon” or “the Company”), the AIM-quoted oil and gas company with a 100% working interest in all of its oil projects spanning c.   153,000   acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope, is pleased to provide the following update:

Alkaid #2 – Recommencement of flow testing operations

Pantheon is pleased to announce that following the successful cleanout of the sand blockage in the wellbore, flow testing operations have now recommenced. Flow test information will only be reported after flow rates have been stabilized.

Director/PDMR Notification

Pantheon announces that on   20 February 2023, Phillip Gobe, non-executive Chairman and a person discharging managerial responsibility (PDMR) in the Company, has been issued and allotted 290,000 Ordinary Shares as a result of the conversion of 100% of his 290,000 Restricted Stock Units (“RSUs”). Following the completion of this allotment, Mr Gobe’s ultimate beneficial ownership increases to 613,972 shares (representing 0.1% of the Company’s total voting rights), zero RSUs and zero share options.

Accordingly, application is being made to the London Stock Exchange for the 290,000 new Ordinary Shares to be admitted to trading on AIM (“Admission”) and it is expected that Admission will become effective, and trading will commence at 8.00 a.m. on 24 February 2023. Following Admission, the total number of Ordinary Shares in issue, and therefore the total number of voting rights, will be 778,597,724.

This announcement, including the notification below, is made in accordance with the requirements of the EU Market Abuse Regulation.


Details of the person discharging managerial responsibilities / person closely associated



Phillip Gobe


Reason for the notification


Position / status



Initial notification / amendment

Initial Notification


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor



Pantheon Resources plc


Legal entity identifier



Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted


Description of the financial instrument,  type of instrument

 Ordinary Fully Paid shares

Identification code

London Stock Exchange   (AIM:PANR)


Nature of the transaction

Conversion of 290,000 Restricted Stock Units into 290,000 ordinary shares





Price(s) and volume(s)

Price: Nil

Volume: 290,000 shares


Aggregated information  



Date of the transaction

20 February 2023

 Jay Cheatham, CEO, said“With the sand blockage in the wellbore cleaned out and the production liner reinserted, we can now look forward to observing the potential of Alkaid #2 as the well as the well progresses through the cleanup phase. We’ll report the results once flow rates have stabilized and the data is representative of the potential of the well. As I’ve stated a number of times, we are very happy with the potential for Alkaid #2 and are optimistic of a positive result.”


Further information, please contact:

Pantheon Resources plc

+44 20 7484 5361

Jay Cheatham, CEO

Justin Hondris, Director, Finance and Corporate Development

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